Rare earths miner NioCorp carves gains after $150 mln stock offering

Shares of NioCorp Developments NB.O dip into negative territory, but remain up 3.4% at $10.74 premarket after it announces equity raise

Centennial, Colorado-headquartered NioCorp announces pricing direct offering of ~16.1 mln shares at $9.34 for gross proceeds of about $150.2 mln

Offering price represents about 10% discount to stock's last sale on Fri

Co plans to use net offering proceeds for working capital, general corp purposes, including advance efforts to launch construction of the Elk Creek Project and move it to commercial operation

Southeast Nebraska Elk Creek is expected to produce niobium, scandium, and titanium, a key material used for defense aerospace applications

Co has ~101.57 mln shares outstanding as of Oct 9, per recent filing, for about $1.1 bln market cap through Fri

NB shares had risen more than 15% before the bell as President Trump revives his trade war over China's expansion of export curbs on rare earth elements

Shares rose 31% last week and have more than tripled over the last three months. Stock ended 2024 at $1.55